Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school WTI also offers training to groups in off site locations WTI initially records prepaid expenses and unearned revenues in balance sheet accounts Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through h that require adjusting entries on December 31 Additional Information Items An analysis of WTI's insurance policies shows that $3,600 of coverage has expired An inventory count shows that teaching supplies costing $3,120 are available at year end Annual depreciation on the equipment is $14,400 Annual depreciation on the professional library is $7,200 On September 1, WTI agreed to do five courses for a client for $2,700 each Two courses will start immediately and finish before the end of the year Three courses will not begin until next year The client paid $13,500 cash in advance for all five courses on September 1, and WTI credited Unearned Revenue On October 15, WTI agreed to teach a four month class (beginning immediately) for an executive with payment due at the end of the class At December 31, $10,950 of the tuition revenue has been earned by WTI WTI's two employees are paid weekly As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee The balance in the Prepaid Rent account represents rent for December WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31 Debit Credit Cash $ 26,944 Accounts receivable 0 Teaching supplies 10,362 Prepaid insurance 15,545 Prepaid rent 2,073 Professional library 31,088 Accumulated depreciationProfessional library $ 9,328 Equipment 104,000 Accumulated depreciationEquipment 16,582 Accounts payable 24,000 Salaries payable 0 Unearned revenue 13,500 Common stock 32,577 Retained earnings 76,000 Dividends 41,452 Tuition revenue 105,701 Training revenue 39,379 Depreciation expenseProfessional library 0 Depreciation expenseEquipment 0 Salaries expense 49,743 Insurance expense 0 Rent expense 22,803 Teaching supplies expense 0 Advertising expense 7,254 Utilities expense 5,803 Totals $ 317,067 $ 317,067 3 a Prepare Wells Technical Institute's income statement for the year 3 b Prepare Wells Technical Institute's statement of retained earnings for the year The Retained Earnings account balance was $76,000 on December 31 of the prior year 3 c Prepare Wells Technical Institute's balance sheet as of December 31 PLEASE

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Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training

Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Its unadjusted trial balance as of December 31 follows, along with descriptions of items a through h that require adjusting entries on December 31. Additional Information Items

An analysis of WTI's insurance policies shows that $3,600 of coverage has expired.
An inventory count shows that teaching supplies costing $3,120 are available at year-end.
Annual depreciation on the equipment is $14,400.
Annual depreciation on the professional library is $7,200.
On September 1, WTI agreed to do five courses for a client for $2,700 each. Two courses will start immediately and finish before the end of the year. Three courses will not begin until next year. The client paid $13,500 cash in advance for all five courses on September 1, and WTI credited Unearned Revenue.
On October 15, WTI agreed to teach a four-month class (beginning immediately) for an executive with payment due at the end of the class. At December 31, $10,950 of the tuition revenue has been earned by WTI.
WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
The balance in the Prepaid Rent account represents rent for December.

WELLS TECHNICAL INSTITUTE Unadjusted Trial Balance December 31
	Debit		Credit
Cash	$	26,944
Accounts receivable		0
Teaching supplies		10,362
Prepaid insurance		15,545
Prepaid rent		2,073
Professional library		31,088
Accumulated depreciationProfessional library			$	9,328
Equipment		104,000
Accumulated depreciationEquipment				16,582
Accounts payable				24,000
Salaries payable				0
Unearned revenue				13,500
Common stock				32,577
Retained earnings				76,000
Dividends		41,452
Tuition revenue				105,701
Training revenue				39,379
Depreciation expenseProfessional library		0
Depreciation expenseEquipment		0
Salaries expense		49,743
Insurance expense		0
Rent expense		22,803
Teaching supplies expense		0
Advertising expense		7,254
Utilities expense		5,803
Totals	$	317,067	$	317,067

3-a. Prepare Wells Technical Institute's income statement for the year. 3-b. Prepare Wells Technical Institute's statement of retained earnings for the year. The Retained Earnings account balance was $76,000 on December 31 of the prior year. 3-c. Prepare Wells Technical Institute's balance sheet as of December 31.

PLEASE